The phone works through Function X, a blockchain network created by Pundi X that is aimed to solve issues with current blockchain platforms including scalability, publishing of decentralized applications and decentralization of the internet.

Huang also claims that each device on the Function X ecosystem will function as a node and will have their own address and private key that is uniquely linked to their node names unlike traditional URL and IP addresses.

Earlier, the United Arab Emirates said that it will roll out crypto enabled point-of-sale devices to various government and retail chains in partnership with Pundi X to allow purchase of goods and services through cryptocurrencies even in physical stores and outlets.

It can be noted that XPhone is not the sole smartphone that is being touted to run on the blockchain technology. Mobile developer, HTC is one of the most active firms that is also busy on creating a smartphone that will utilize the said technology.